Crusader Insurance Plc has said that it recorded profit before tax of N372.7m in its 2008 financial period, as against NN1.6bn recorded in 2007. Its profit after tax and extra ordinary item dropped from N1.4bn in 2007 to N85m in 2008.
The Chairman, Prof. Monsur. Kenku, disclosed this during the company‘s 39th annual general meeting in Lagos on Thursday.
The share holders also approved its bonus issue of one ordinary share for every ten shares, which translates to N410.9m ordinary shares of 50k, this amounts to N205.5m.
Kenku said, ”The diversification into other areas of the financial services industry was still being pursued vigorously while the existing insurance businesses were being re-organised to achieve greater efficiency and effectiveness.”
Crusader‘s real estate, he noted, was being evaluated in the light of its inability to raise the projected capital meant to drive the full exploitation of its portfolio holdings.
He said that the slowdown in the economy also requires it to have a more product exposure to the real estate sector.
Marginal assets, he noted, were being sold, while the major assets will be developed in a carefully scaled manner to ensure better than average returns.
Bearing any delay in approvals, he said that it expects a development of its Kingsway road property to commence possibly before the end of the year.
Kenku said, ”We will continue to pursue our corporate goals and focus on further strengthening competencies in our operations, expanding our capacity, developing our human capital and reinforcing our information technology platform.”
According to him, this year, the insurance companies will be migrating to newly acquired internationally recognized integrated insurance software.
This he explained would transform its operations and enhance customer service delivery.
He said, ”We remain resolute in the implementation of our business models in the most profitable manner for all stakeholders.”
Kenku said that to improve the skills and competencies required by staff to compete in an evolving industry, external and internal training programmes were organized for staff at various levels.
Crusader‘s policy, he added, is to encourage staff learning and growth by integrating training into the key activities of members of staff.
The strategy, he noted, cuts across all functional areas and that the transformation of its human capital for excellent service delivery was critical to the achievement of its strategic objectives.